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- **Revenue Growth**: $1.9 billion Q3 revenue, 29% global spot volume growth, 37% consumer spot trading expansion.
- **Everything Exchange**: 40,000+ assets, U.S. perpetual futures, $74B USDC market cap.
- **Institutional Momentum**: 122% institutional revenue growth, $135M from derivatives.
- **Q4 Outlook**: $1.9B-$2.1B revenue, headcount-driven expenses.
- **Strategic Moves**: Echo acquisition, Base token exploration, Citi partnership.

**【CEO Summary Section】**
- Q3 revenue reached $1.9 billion, driven by 29% growth in global spot trading volume and 37% increase in consumer spot trading volume.
- Launched the Everything Exchange, expanding to 40,000 tradable assets via DEX integrations and introducing U.S.-regulated perpetual futures.
- USDC adoption surged, with $15 billion average daily balance and $74 billion market cap, outpacing competitors.
- Announced partnership with Citi to integrate crypto rails into traditional finance.

**【CFO Financial Commentary】**
- Q3 net income: $433 million (GAAP), $421 million (non-GAAP), with adjusted EBITDA of $801 million.
- Institutional transaction revenue grew 122% to $135 million, driven by Deribit acquisition and derivatives expansion.
- Subscription & services (S&S) revenue hit $747 million, supported by USDC rewards and institutional custody.
- Q4 outlook: $1.9 billion-$2.1 billion revenue, with expenses expected to rise due to headcount and acquisitions.

**【Q&A Key Highlights】**
- **Competition Strategy**: Focused on regulatory clarity and product innovation, with 80%+ market share in derivatives.
- **Base Network Token**: Exploring governance models for long-term ecosystem growth.
- **Echo Acquisition**: Enhancing private market fundraising capabilities with Sonar.
- **M&A Activity**: Accelerated under improved regulatory certainty, targeting trading and payments.
- **Infrastructure Resilience**: Withstood October 10 market volatility, achieving 65% automated customer support.
- **Stablecoin Payments**: $100 billion+ annual stablecoin volume, with 1,000+ businesses using Coinbase payments.
- **Deribit Integration**: Options market share >75%, driving cross-margining efficiency.
- **Innovation Pipeline**: x402 protocol for web payments, AgentKit for AI wallets, and H2 product event on December 17.

Coinbase Global, Inc. (COIN) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

COIN

COIN fundamentals

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